Interim management statement at 31 march 2011

Transcription

cover_marzo_2011.qxp:cover inglese
18-05-2011
9:48
Pagina 1
INTERIM MANAGEMENT STATEMENTS AT 31 MARCH 11
Juventus Football Club
Corso Galileo Ferraris, 32 - 10128 Turin ITALY
www.juventus.com
marzo_11inglese.qxp:trimestre_11
30-05-2011
10:38
Pagina 1
JUVENTUS Football Club S.p.A.
Registered office
Corso Galileo Ferraris 32, 10128 Turin
Share capital fully paid
€ 20,155,333.20
Registered in the companies register
Under no. 00470470014 - REA no. 394963
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
This document contains a true translation in English of the report in Italian
“Resoconto intermedio di gestione al 31 marzo 2011”. However, for information
about Juventus Football Club S.p.A. reference should be made exclusively
to the original report in Italian. The Italian version shall prevail upon the English version.
This document is available on the Internet at www.juventus.com
30-05-2011
10:38
Pagina 2
30-05-2011
10:38
Pagina 3
Contents
Board of Directors, Board of Statutory Auditors
and Independent Auditors
5
Significant events in the third quarter
of the 2010/2011 financial year
6
Significant events after 31 March 2011
11
Statement of Financial Position at 31 March 2011
12
Income Statement and Statement of comprehensive income
for the period 1 July 2010 - 31 March 2011
14
Income Statement and Statement of comprehensive income
for the third quarter of the 2010/2011 financial year
15
Notes
17
Business outlook
31
The Interim Management Statements at 31 March 2011, regarding the third quarter of the
2010/2011 financial year, were drawn up in compliance with Article 154-ter, section 5, of
Legislative Decree No. 58 of 24 February 1998, as amended by Legislative Decree 195 of 6
November 2007, and were approved by the Board of Directors on 11 May 2011. Unless otherwise
indicated, the figures are given in Euros.
Interim Management Statements at 31 March 2011
3
30-05-2011
10:38
Pagina 4
30-05-2011
10:38
Pagina 5
Board of Directors, Board of Statutory Auditors and Independent
Auditors
Board of Directors
Chairman:
Andrea Agnelli
Chief Executive Officer
and General Manager for the Sports Area:
Giuseppe Marotta
Chief Executive Officer
and Chief Financial Officer:
Aldo Mazzia
Non independent Directors :
Carlo Barel di Sant’Albano
Jean-Claude Blanc
Michele Briamonte
Pavel Nedved
Independent Directors :
Riccardo Montanaro
Marzio Saà (Lead Independent Director)
Camillo Venesio
Khaled Fareg Zentuti
Executive Committee
Andrea Agnelli (Chairman), Carlo Barel di Sant’Albano, Giuseppe Marotta,
Aldo Mazzia, Michele Briamonte (secretary component)
Audit Committee
Marzio Saà (Chairman), Riccardo Montanaro, Camillo Venesio
Remuneration and Appointments Committee
Carlo Barel di Sant’Albano (Chairman), Riccardo Montanaro, Camillo Venesio
Board of Statutory Auditors
Chairman:
Paolo Piccatti
Auditors:
Roberto Longo
Roberto Petrignani
Deputy Auditors:
Paolo Claretta Assandri
Ruggero Tabone
Independent Auditors
Deloitte & Touche S.p.A.
Expiry of mandates
The mandates of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting called to
approve the Financial Statements as of 30 June 2012.
The mandate for the Independent Auditors will expire with the Shareholders’ Meeting to approve the Financial Statements as of
30 June 2016.
5
30-05-2011
10:38
Pagina 6
Significant events in the third quarter of the 2010/2011
financial year
FOOTBALL SEASON
During the period, the First Team was eliminated from the Italian Cup tournament in the quarter finals.
2010/2011 TRANSFER CAMPAIGN - SECOND PHASE
In the second phase, the following main transactions concerning players’ registration rights were completed:
€/000
Definitive acquisitions
Player
Football club
Price
IFRS value
of rights
Years of
contract
(excl. expenses)
Barzagli Andrea
VFL Wolfsburg
300*
396
3
Branescu Constantin Laurentiu
CS Municipal Rm Valcea
450**
449
3
Toni Luca
Genoa Cricket and FC
250
2
* The purchase price could increase by a further € 0.6 million, if certain sporting objectives are achieved.
** The purchase price could increase by a further € 0.85 million, if certain sporting objectives are achieved.
Definitive disposals
Player
Football club
Legrottaglie Nicola
AC Milan
Temporary acquisitions and disposals
Player
Football club
Price
Price
present value
Net book
value
Solidarity
subsidy
Profit/
(loss)
-
-
165
-
(165)
Annual
Exercise price
cost/Discounted (in the event of
annual revenue exercise of option
rights) (2011/2012
football season)
Acquisitions
Matri Alessandro
Cagliari Calcio
2,500
15,500
Disposals
Carvalho De Oliveira Amauri
Lanzafame Davide
Parma F.C.
Brescia Calcio
-
no option
Previous net
book value
Price
Termination of player-sharing agreements in favour of Juventus
Player
Football club
no option
Total IFRS
value of
rights
Palladino Raffaele
Genoa Cricket and FC
25
3,000
2,982*
* The investment has been temporarily suspended, while player-sharing agreements are defined (June 2011).
Player-sharing disposal
Player
Football club
Palladino Raffaele
Parma F.C.
50% price
Price
present value
50% net
book value
3,000
2,957
1,491
Profit/
(loss)
1,466*
* The capital gain has been temporarily suspended, while player-sharing agreements are defined (June 2011).
Termination of player-sharing agreements in favour of other clubs
Player
Football club
Termination
price
Ariaudo Lorenzo
6
JUVENTUS Football Club
Cagliari Calcio
2,500
Price
present value
Net book
value
Profit/
(loss)
2,500
-
2,500
30-05-2011
10:38
Pagina 7
Economic and financial effects of the 2010/2011 Transfer Campaign
The transactions concluded in the first and second phase of the 2010/2011 Transfer Campaign raised
total invested capital by approximately € 25.1 million, further to:
€/000
Acquisitions*
Disposals (net book value)
54,182
(29,075)
Balance
25,107
* Including additional expenses for the acquisition of registration rights and the capitalisation of development and preparation
premiums and the amounts accrued and due to other clubs upon achieving given sports results (for acquisitions made in previous
transfer campaigns).
During the first and second phase of the Transfer Campaign, pre-emption rights were purchased for the
acquisition of certain football players (to be exercised by June, the end of the 2010/2011 football season).
If exercised, the resulting acquisitions will entail a total investment of € 58.3 million in the 2011/2012
financial year.
The economic impact of profits and losses from the disposals of players’ registration rights was a positive
€ 14.9 million. Temporary acquisitions and disposals of players’ registration rights determined, on an
annual basis, a net loss of € 10.6 million.
The overall financial effect, including implicit financial income and expenses on deferred receipts and
payments, was a negative € 21.3 million of which:
• € -27.3 million settled through the Lega Nazionale Professionisti Serie A or directly with amateur
football clubs;
• € +8.0 million settled directly with foreign football clubs;
• € -2.0 million (payment for consultancy services provided by FIFA sports agents) to be settled directly
with the counterparties.
The timing of the overall cash flows is shown below:
€/million
Total
10/11
11/12
12/13
LNP and others
Foreign FC
Agents
(27.3)
8.0
(2.0)
(15.3)
16.1
(1.4)
(6.0)
(2.8)
(0.6)
(6.0)
(5.3)
-
Total
(21.3)
(0.6)
(9.4)
(11.3)
RENEWAL OF THE SPONSORSHIP AGREEMENT - SECOND JERSEY
In January 2011, Balocco signed a new sponsorship agreement for the upcoming 2011/2012 football
season, under which the Balocco brand will be displayed on the second jersey of the First Team in all
national and international sporting events, and on the kits of the entire Juventus youth sector.
7
30-05-2011
10:38
Pagina 8
TELEVISION RIGHTS
Discussions are pending in the Lega Nazionale Professionisti Serie A regarding division criteria (fan
potential/catchment area), in order to define a final allocation of resources generated from the collective
sale of rights. Internal proceedings are also pending within FIGC, in relation to the definition of “fans”
for a correct identification of the “fan potential/catchment area”.
In January 2011, DAHLIA TV entered voluntary insolvency proceedings and suspended payments to the
Lega Nazionale Professionisti Serie A and associated companies. As a result, the second instalment of
the broadcasting rights of DAHLIA TV, already invoiced for € 0.9 million, including VAT, was not received
and has been entirely written down. Additional rates pertaining to the current season, estimated to total
€ 1.5 million, cannot be invoiced.
THE NEW STADIUM
During the period, building work on the new Stadium continued which, at 31 March 2011, totalled
€ 71.8 million, equal to 81% of the total estimated cost of construction alone (original contract plus
subsequent additions for a total of € 88.9 million). These costs have been capitalised, together with
other charges relating to the project, as “tangible assets in progress”.
Concurrent with the construction works, presales of “premium” seats of the new Stadium continued
according to plan. At 30 April 2011, a total of 2,150 premium seats had been sold for the 2011/2012
football season, representing approximately 74% of all premium seats available for sale. With a further
10% of premium seats reserved for Juventus sponsors and partners, 16% of these seats are still available
for sale.
CONTINASSA PROJECT
During the period, the administrative procedure concerning the Continassa project continued. In particular,
the local authorities of Turin approved the town planning amendment on 15 March 2011, which gives
the go ahead for undertakings made in the preliminary agreement of 11 June 2010. The purpose of
Juventus’s project is to continue the Stadium project and requalify the entire area (approximately
270,000 square meters) over a ten-year period, after obtaining authorisations, and after the area has been
handed over, free of installations/buildings. Building rights for the construction of the new headquarters,
already held by Juventus for the area of the new Stadium, will be transferred to this area.
The deed of sale of the area, on a 99-year lease (a 50-year lease for some smaller parts) should be signed
by the end of 2011.
COMO CALCIO LIQUIDATION
On 22 February 2011 a settlement agreement was defined with the liquidators of Como Calcio (also
signed by Enrico Preziosi) who in June 2006 had taken legal action against Juventus to collect payment
of € 1.58 million in fees that Como Calcio claimed were still owing on the definitive transfer of the
registration rights of the footballers Piccolo and Perderzoli.
8
JUVENTUS Football Club
30-05-2011
10:38
Pagina 9
Following this agreement, with a payout of € 0.2 million, the dispute can be considered as definitively
settled; therefore at 31 March 2011 the remaining € 1.38 million in provisions allocated in previous
years were released to the income statement.
SHAREHOLDING STRUCTURE AND SHARE TREND
Based on the latest information available, the share capital of Juventus Football Club S.p.A. is held 60%
by the parent Exor S.p.A., 7.5% by LAFICO S.a.l. and the remaining 32.5% is a free float on the Stock
Exchange.
On 11 March 2011, the European Union listed LAFICO S.a.l., as a natural person/corporate body subject
to measures concerning the freezing of funds (pursuant to Decision 2011/137/PESC of the Council of
the European Union of 28 February 2011 and (EU) Regulation 204/2011 of the Council of the European
Union of 2 March 2011). As a result, in compliance with the provisions of the European Union, the
administrative and financial-rights relative to shares held by subjects on the lists annexed to the EU
Decision and EU Regulation may not be exercised. These subjects may not therefore exercise the right
to vote at shareholders’ meetings, and may not collect any dividends.
The graph below shows the Juventus Football Club S.p.A. share price trend and average daily equity
turnover.
€
€/m
1.1
2.5
Equity turnover
Official price
1.0
2.0
1.5
0.9
1.0
0.8
0.5
0.7
0.0
3/5
25/5
16/6
8/7
30/7
23/8
14/9
6/10
28/10
19/11
13/12
6/1
28/1
21/2
15/3
6/4
2/5
On 2 May 2011, the official price of Juventus shares was € 0.833, up 1.7% compared to the value on
3 May 2010 (€ 0.820).
During the period, the share price decreased, despite reaching a record value of € 0.975 on 5 January
2011. Subsequently, the value of the share gradually decreased, trending against general market
performance, and settling at its current values, also due to the team’s performance.
In the past twelve months, the average daily equity turnover was € 0.14 million.
9
0.6
30-05-2011
10:38
Pagina 10
30-05-2011
10:38
Pagina 11
Significant events after 31 March 2011
UEFA LICENCE
On 6 May 2011 the FIGC-based UEFA licensing committee (first instance) examined filed documents and
assessed conformity to regulations, issuing Juventus with a UEFA licence for the 2011/2012 football season.
RENEWAL OF PLAYERS’ CONTRACTS
On 5 May 2011, the contract of the football player Alessandro Del Piero was extended to 30 June 2012.
JUVENTUS.COM
The official new site of the Company will go online on 27 April 2011. With its new look, football enthusiasts
and Juventus fans will have quicker access to information on the team, Company and events/promotions.
Juventus.com has evolved and become an integrated platform accessing main social networks such as
Facebook and Twitter.
COMPANY OFFICES
During the meeting of the Board of Directors on 11 May 2011, Jean-Claude Blanc resigned from office
as Chief Executive Officer and from the Executive Committee. The President thanked him for the work
he has done with particular reference to the building of the new stadium, which is now in the final
stages, and put forward a proposal to the Board, who approved it, to entrust a special assignment to
director Jean-Claude Blanc up until 30 September 2011 to oversee completion of the project for the
new stadium and its inauguration.
The Board of Directors then appointed Aldo Mazzia as Chief Executive Officer, granting him operational
powers.
At the end of the meeting of the Board of Directors Jean-Claude Blanc also resigned from office as
General Manager.
11
30-05-2011
10:38
Pagina 12
€
STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2011
ASSETS
Notes
31/03/2011
30/06/2010
Change
Players’ registration rights
1
92,072,993
93,024,823
(951,830)
Other intangible assets
2
16,052,236
14,349,642
1,702,594
22,000
5,436
16,564
22,506,561
22,662,756
(156,195)
2,584,215
2,918,188
(333,973)
Non-current assets
Intangible assets in progress
Land and buildings
3
Other tangible assets
Tangible assets in progress
4
93,298,297
43,331,946
49,966,351
Non-current financial assets
5
2,124,496
2,195,391
(70,895)
3,003,211
3,293,520
(290,309)
Receivables from specific sector comp. related to the transfer campaign
6
10,427,272
8,268,159
2,159,113
Other non-current assets
7
29,238,181
29,127,464
110,717
271,329,462
219,177,325
52,152,137
10,372,191
10,678,867
(306,676)
157,379
205,498
(48,119)
Deferred tax assets
Total non-current assets
Current assets
Trade receivables
Non financial receivables from related parties
Receivables from specific sector comp. related to the transfer campaign
6
22,654,338
21,101,833
1,552,505
Other current assets
8
14,322,735
2,874,940
11,447,795
Current financial assets
5
178,626
-
178,626
Cash and cash equivalents
9
9,164,692
37,253,757
(28,089,065)
56,849,961
72,114,895
(15,264,934)
328,179,423
291,292,220
36,887,203
Total current assets
Total assets
The Interim Management Statements at 31 March 2011 were not subject to audit.
12 JUVENTUS Football Club
30-05-2011
10:38
Pagina 13
€
STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2011
EQUITY AND LIABILITIES
Notes
31/03/2011
30/06/2010
Change
20,155,333
20,155,333
-
Shareholders’ Equity
Share Capital
Reserves
Income for the period
Total shareholders’ equity
10
70,718,813
81,116,535
(10,397,722)
(43,411,481)
(10,967,944)
(32,443,537)
47,462,665
90,303,924
(42,841,259)
Non-current liabilities
11
300,000
1,580,000
(1,280,000)
9
43,804,131
30,155,298
13,648,833
-
283,072
(283,072)
Payables due to specific sector comp. related to the transfer campaign 12
21,480,993
17,553,391
3,927,602
Provisions for risks and charges
Loans and other financial payables
Non-current financial liabilities
Deferred tax liabilities
2,958,099
4,187,927
(1,229,828)
47,097,375
41,283,764
5,813,611
115,640,598
95,043,452
20,597,146
1,400,000
1,400,000
-
44,550,691
2,138,645
42,412,046
289,255
429,001
(139,746)
25,330,299
20,664,224
4,666,075
897,496
3,098,292
(2,200,796)
Payables due to specific sector comp. related to the transfer campaign 12
42,453,785
37,482,638
4,971,147
15
50,154,634
40,732,044
9,422,590
Total current liabilities
165,076,160
105,944,844
59,131,316
Total equity and liabilities
328,179,423
291,292,220
36,887,203
Other non-current liabilities
13
Total non-current liabilities
Current liabilities
Provisions for risks and charges
Loans and other financial payables
9
Current financial liabilities
Trade payables
14
Non financial payables due to related parties
Other current liabilities
13
30-05-2011
10:38
Pagina 14
€
INCOME STATEMENT FOR THE PERIOD 1 JULY 2010 - 31 MARCH 2011
2009/2010
Financial Year*
Notes
16,943,218
132,483,756
45,678,338
14,664,720
9,914,903
Ticket sales
Television and radio rights and media revenues
Revenues from sponsorship and advertising
Revenues from players’ registration rights
Other revenues
219,684,935
Total revenues
16
01/07/2010
31/03/2011
01/07/2009
31/03/2010*
Change
9,323,029
77,137,807
30,422,672
17,250,588
7,010,347
14,898,502
111,471,260
32,940,930
14,060,519
6,794,727
(5,575,473)
(34,333,453)
(2,518,258)
3,190,069
215,620
141,144,443
180,165,938
(39,021,495)
(1,895,882)
(24,264,933)
(97,535,754)
(8,975,319)
(11,928,886)
(3,024,583)
(1,758,285)
(20,272,703)
(93,960,931)
(6,178,900)
(2,786,342)
(3,966,078)
(137,597)
(3,992,230)
(3,574,823)
(2,796,419)
(9,142,544)
941,495
(18,702,118)
(2,246,618)
(27,265,348)
(127,035,001)
(11,167,834)
(3,421,770)
(4,871,913)
Purchase of materials, supplies
and other consumables
External services
Players’ wages and technical staff costs
Other personnel
Expenses from players’ registration rights
Other expenses
(176,008,484)
Total operating costs
17 (147,625,357) (128,923,239)
Amort. and write-downs of players’ reg. rights
Other amortisation, provisions and release
of provisions
Other non-recurring revenues and costs
18
(26,058,518)
(25,218,089)
(840,429)
18
19
(941,092)
(7,364,688)
(1,169,639)
3,134,188
228,547
(10,498,876)
(40,845,212)
27,989,159
(68,834,371)
1,019,329
(2,001,666)
3,217,824
(5,311,661)
(2,198,495)
3,309,995
(41,827,549)
25,895,322
67,722,871
(2,550,000)
966,068
(4,250,000)
(6,926,402)
1,700,000
7,892,470
(43,411,481)
14,718,920
(58,130,401)
(0.22)
(0.22)
0.073
0.073
(39,486,912)
(2,104,020)
3,134,187
5,219,706
3,583,520
(6,727,385)
2,075,841
(5,544,717)
(7,499,068)
(10,967,944)
(0,05)
(0,05)
Operating income
Financial income
Financial expenses
Income/(loss) before taxes
Current taxes
Deferred taxes
Net income/(loss)
Eamings per share (basic)
Eamings per share (diluted)
20
20
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 1 JULY 2010 - 31 MARCH 2011
2009/2010
Financial Year
01/07/2010
31/03/2011
01/07/2009
31/03/2010
Change
(10,967,944)
(356,683)
(356,683)
(43,411,481)
Net income/(loss) for the period (A)
596,770
Other income/(loss) recorded in cash flow hedge reserve
Fiscal effect related to other income/(loss)
596,770
Total other income/(loss), net of fiscal effect (B)
14,718,920
(80,837)
(80,837)
(58,130,401)
677,607
677,607
(11,324,627)
Total income/(loss) (A+B)
(42,814,711)
14,638,083
(57,452,794)
* In some cases figures for the 2009/2010 financial year and for the period from 1 July 2009 - 31 March 2010 have been reclassified, so as to facilitate the
comparability of data. In particular, the items “Television and radio rights and media revenues” (€ -15,960 thousand at 31 March 2011 and € -18,953 thousand
in the 2009/2010 financial year), “Ticket sales” (€ -1,280 thousand at 31 March 2011 and € -1,528 thousand in the 2009/2010 financial year) and “Other
expenses” (€ +17,240 thousand at 31 March 2011 and € +20,481 thousand in the 2009/2010 financial year) have been reclassified further to the entry into
force of new regulations on the collective sale of television and radio rights of the Championship, which are now reported net of the mutuality component,
and the elimination of the payable and receivable mutuality on Championship ticket sales.
30-05-2011
10:38
Pagina 15
€
INCOME STATEMENT FOR THE THIRD QUARTER OF THE 2010/2011 FINANCIAL YEAR
Notes
Ticket sales
Other revenues
Total revenues
21
Purchase of materials, supplies and other consumables
External services
Other personnel
Other expenses
3rd Quarter
2010/2011
3rd Quarter
2009/2010*
Change
3,908,926
33,205,569
10,282,269
2,968,915
1,986,132
4,134,605
38,840,357
10,883,735
504,000
811,495
(225,679)
(5,634,788)
(601,466)
2,464,915
1,174,637
52,351,811
55,174,192
(2,822,381)
(375,401)
(6,932,869)
(31,411,858)
(3,982,857)
(3,926,904)
(863,031)
(513,993)
(6,909,420)
(31,117,540)
(2,434,171)
(590,075)
(1,663,458)
138,592
(23,449)
(294,318)
(1,548,686)
(3,336,829)
800,427
Total operating costs
22
(47,492,920)
(43,228,657)
(4,264,263)
Amortisation and write-downs of players’ registration rights
Other amortisation, provisions and release of provision
23
23
(8,868,588)
897,018
(8,483,874)
(456,382)
(384,714)
1,353,400
(3,112,679)
3,005,279
(6,117,958)
243,164
(518,773)
364,579
(842,696)
(121,415)
323,923
(3,388,288)
2,527,162
(5,915,450)
(850,000)
322,023
(1,444,727)
(579,528)
594,727
901,551
(3,916,265)
502,907
(4,419,172)
(0.019)
(0.019)
0.002
0.002
Operating income
Financial income
Financial expenses
Income/(loss) before taxes
Current taxes
Deferred taxes
Net income/(loss)
Eamings per share (basic)
Eamings per share (diluted)
24
24
STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRD QUARTER OF THE 2010/2011
FINANCIAL YEAR
3rd Quarter
2010/2011
3rd Quarter
2009/2010
Change
Net income/(loss) for the period (A)
Other income/(loss) recorded in cash flow hedge reserve
Fiscal effect related to other income/(loss)
Total other income/(loss), net of fiscal effect (B)
(3,916,265)
216,364
216,364
502,907
-
(4,419,172)
216,364
216,364
Total income(loss) (A+B)
(3,699,901)
502,907
(4,202,808)
* In some cases figures for the 2009/2010 financial year have been reclassified, so as to facilitate the comparability of data. In particular, the items
“Television and radio rights and media revenues” (€ -6,983 thousand, “Ticket sales” (€ -562 thousand) and “Other expenses” (€ +7,545 thousand)
have been reclassified further to the entry into force of new regulations on the collective sale of television and radio rights of the Championship, which
are now reported net of the mutuality component, and the elimination of the payable and receivable mutuality on Championship ticket sales.
15
30-05-2011
10:38
Pagina 16
30-05-2011
10:38
Pagina 17
Notes
ACCOUNTING PRINCIPLES
The Interim Management Statements at 31 March 2011, concerning the third quarter of the 2010/2011
financial year, have been drawn up pursuant to Art. 154-ter, paragraph 5, of Legislative Decree 58 of
24 February 1998, as amended by Legislative Decree 195 of 6 November 2007.
The accounting principles and policies used in drafting this report are the same as those used in preparing
the Annual Report at 30 June 2010, in compliance with IFRS.
Drafting the interim management reports requires that Directors use estimates and assumptions that
have an effect on assets and liabilities and on information regarding potential assets and liabilities at the
date of reference. The final results may differ from these estimates. The estimates and assumptions are
reviewed periodically and the effects of every variation are reflected immediately in the income statement.
These measurement processes, in particular more complex ones such as the determination of impairment
in the value of assets, are generally made in full only when preparing the annual financial statements,
when all the information that might be needed is available, except in cases where there are impairment
indicators that demand an immediate evaluation of possible impairment losses.
SEASONAL NATURE OF OPERATIONS
For a correct interpretation of quarterly figures, it should be noted that the financial year of Juventus
does not coincide with the calendar year, but runs from 1 July – 30 June, which is the football
season.
The economic trend is characterised by a strong seasonal nature, typical of the sector, determined by
the calendar of sports events and by the football player transfer campaign. Specifically:
• the calendar of sports events to which main revenue items are related and recognised in the income
statement, has an impact on the trend of quarterly results and their comparison with figures for the
same periods of previous years. This is because the main cost items not referable to single sports
events (such as players’ wages and amortisation relative to registration rights) are instead recorded in
the income statement on a straight-line basis;
• the football player Transfer Campaign, which takes place in July and August (first phase) and January
(second phase) may have significant economic and financial effects at the start of and during the
season.
The Company’s financial trend is also affected by the seasonal nature of economic components. A number
of revenue items show non-uniform financial patterns (receipts) with respect to the pertinent economic
period.
17
30-05-2011
10:38
Pagina 18
OTHER INFORMATION
New regulations on the sale of collective television rights have come into force this year which, among
others, eliminate payable and receivable mutuality components which in the past generated revenues
that were invoiced separately and recognised under “Television and radio rights and media revenues”
and operating costs that were identified separately and recognised under “Other expenses”. In addition,
and from this year onwards, visiting teams are no longer paid 18% of the ticket sales revenue generated
by home Championship matches. Thus to enable comparison with figures for the current year, revenues
from “Television and radio rights and media revenues” and “Ticket sales” of the previous financial year
were decreased by amounts corresponding to payable mutuality components reversed by the item
“Other expenses”. These reclassifications are shown below the income statement tables.
NOTES ON THE STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2011
1. PLAYERS’ REGISTRATION RIGHTS
Changes in this item are reported in the table below:
€/000
Initial book value
Initial accumulated amortisation
Initial write-down
Balance at 30/06/2010
Investments
Reclassification from player-sharing agreement
Reclassification to player-sharing agreement
Reclassification from registered young players
Disinvestments
Amortisation
Reclassified amortisation from registered
young players
Use of amortisation
Use of reserve for write-down
Final book value
Final accumulated amortisation
Professionals
Player-sharing
agreement
payable
Player-sharing Registered
agreement
young
players
Total
247,219
(153,043)
(5,836)
-
4,340
-
88,340
-
4,340
345
93,025
52,607
27
(1,915)
69
(92,714)
(25,709)
1,526
(283)
(27)
1,915
(1,978)
-
49
(69)
(450)
(67)
54,182
(95,142)
(26,059)
(69)
59,905
5,836
-
-
69
326
-
60,231
5,836
86,377
1,243
4,250
203
92,073
205,293
(118,916)
1,526
(283)
4,250
-
86,377
1,243
4,250
913 252,472
(568) (153,611)
(5,836)
443 211,512
(240) (119,439)
203
92,073
30-05-2011
10:38
Pagina 19
2. OTHER INTANGIBLE ASSETS
These mainly include user rights to the historical archive of television images of the Company (the
“Library Juventus”). This is an intangible asset with an indefinite life in that the historical archive of
images will grow over time with the possibility of endless use.
“Other intangible assets” mainly refer to trademarks, software and the photography archive.
Changes in this item are reported in the table below.
€/000
Initial book value
Initial write-down (Impairment)
Investments
Amortisation
Final book value
Final write-down (Impairment)
Library
Juventus
Other
intangible
assets
Total
28,000
(14,460)
3,202
(2,392)
-
31,202
(2,392)
(14,460)
13,540
810
14,350
1,850
-
192
(340)
2,042
(340)
15,390
662
16,052
29,850
(14,460)
3,394
(2,732)
-
33,244
(2,732)
(14,460)
15,390
662
16,052
Investments in the Juventus Library during the period refer to the acquisition from Reti Televisive Italiane
S.p.A. (also “RTI”) of the historical archive of television images relating to Juventus matches broadcast
over the years by this company.
The Juventus Library is subjected to annual impairment testing based on expected cash flows arising
from commercial contracts for its use. In particular, the archive of images acquired from RTI will be tested
for impairment for the first time at the end of the year, in order to account for contracts that might be
entered into and the contract already stipulated with RTI on acquisition of the asset.
In relation to the value of the Juventus Library, the Company holds a number of commercial contracts
for which a total of € 9,996 thousand in advances have been recorded under “Other non-current
liabilities” and “Other current liabilities”.
Investments recorded under “Other intangible assets” mainly refer to the implementation of software
used for the advance sale of Premium seats at the new Stadium.
19
30-05-2011
10:38
Pagina 20
3. LAND AND BUILDINGS
Changes in this item are reported in the table below:
€/000
Land
Buildings, sport
facilities and
appurtenance
Total
Initial book value
5,000
-
19,332
(1,669)
24,332
(1,669)
5,000
17,663
22,663
-
285
(441)
285
(441)
5,000
17,507
22,507
Final book value
5,000
-
19,617
(2,110)
24,617
(2,110)
5,000
17,507
22,507
Investments
Amortisation
This item refers to the Training Centre of Vinovo. This asset is currently the property of Unicredit Leasing
S.p.A. and is booked with property, plant and equipment since it is object of a financial lease. In the
same way, the related payable to the leasing company is accounted for with “Loans and other financial
payables”.
4. TANGIBLE ASSETS IN PROGRESS
The balance of € 93,298 thousand refers entirely to the capitalisation of development costs relative to
the new Stadium.
Details are as follows:
€/000
Planning,
demolition and
construction
Plant,
furniture and
furnishings
Total
43,332
-
43,332
Investments
48,762
1,204
49,966
92,094
1,204
93,298
5. NON-CURRENT AND CURRENT FINANCIAL ASSETS
At 31 March 2011, non-current financial assets amounted to € 2,124 thousand, compared to € 2,195
thousand at 30 June 2010 and refer chiefly (€ 2,000 thousand) to the balance of the bank account
pledged as a guarantee on the loan incurred with Istituto per il Credito Sportivo. The remaining € 124
thousand comprise the fair value of the Interest Rate Swap entered into to hedge the interest rate
applicable to the finance lease relative to the Vinovo Training Centre.
At 31 March 2011, current financial assets totalled € 179 thousand (at 30 June this item was classified
under non-current financial assets for an amount equal to € 195 thousand) and correspond to the fair
30-05-2011
10:38
Pagina 21
value of the CAP options signed to hedge the risk of interest rate fluctuations for the amortisation period
of the loan entered into with the Istituto per il Credito Sportivo for construction of the new Stadium.
6. RECEIVABLES FROM SPECIFIC SECTOR COMPANIES RELATED TO THE TRANSFER CAMPAIGN
This item refers to current and non-current receivables from football clubs arising from player transfers.
At 31 March 2011, this item amounted to € 33,082 thousand, against € 29,370 thousand at 30 June 2010.
All the receivables from football clubs fall due within the next five financial years and are almost entirely
covered by a direct guarantee or through the Lega Nazionale Professionisti Serie A.
7. OTHER NON-CURRENT ASSETS
These totalled € 29,238 thousand, and basically remained unchanged compared to the balance of
€ 29,127 thousand reported at 30 June 2010.
€/000
31/03/2011
Advances paid to the City of Turin and auxiliary expenses already paid
for the long-term lease of the Delle Alpi areas, recorded as an operating lease
12,833
Receivables due from Campi di Vinovo S.p.A. for the branch of business sale related
to the “Mondo Juve - commercial park” project
10,352
Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A.
shareholding
6,872
Adjustments for financial income implicit in the receivables from Campi di Vinovo S.p.A.
and Finanziaria Gilardi S.p.A.
(1,281)
Prepaid interest on the Training Centre financial lease
326
Miscellaneous
136
Total
29,238
Amounts paid to the City of Turin of € 12,833 thousand refer to payments in advance with respect to
the operating lease payment dates (99 years) and include the amount of € 1,000 thousand paid on 21
December 2010 as the balance of the payable related to the original acquisition of the long-term lease
of the former Delle Alpi stadium.
The receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., totalling € 17,224 thousand,
fall due on 31 December 2013 and refer to residual receivables for the sale of the Campi di Vinovo
S.p.A. shareholding and the branch of business consisting of the commercial park to be constructed on
Campi di Vinovo S.p.A. land to Costruzioni Generali Gilardi S.p.A.. Although secured by a pledge on the
Campi di Vinovo S.p.A. shareholding, the usual areas of uncertainty exist as to the collectability of the
receivables, connected with the timeframe within which the project will be completed.
21
30-05-2011
10:38
Pagina 22
8. OTHER CURRENT ASSETS
These totalled € 14,323 thousand, compared to € 2,875 thousand reported at 30 June 2010. The
increase of € 11,448 thousand refers chiefly to prepaid expenses relating to considerations already paid
for the temporary purchase of players’ registration rights (€ 4,121 thousand), in addition to the tax
receivable resulting from overpayment of VAT in March 2011 (€ 4,888 thousand) and reclassification of
the receivable from San Sisto S.r.l. (which has become current) referring to the sale of the branch of
business consisting of the commercial areas adjacent to the new Stadium (€ 1,000 thousand).
€/000
31/03/2011
Receivables due from San Sisto S.r.l. for the sale of the branch of business consisting
of commercial areas adjacent to the new Stadium
1,000
Adjustment for financial income implicit in the receivables from San Sisto S.r.l. (formerly Ebano S.r.l.)
(13)
Advances paid to the City of Turin and auxiliary expenses already paid for the long-term lease
of the Delle Alpi areas, recorded as an operating lease
178
Advances paid to the City of Turin and other expenses already paid for the preliminary
agreement reached for the long-term lease of the Continassa area
1,009
333
Receivables due from insurance companies
Tax receivables
5,014
Miscellaneous
513
6,289
Prepaid expenses
14,323
Total
9. NET FINANCIAL POSITION
The Net Financial Position at 31 March 2011 reported a negative balance of € 77,176 thousand, sharply
lower than the positive balance of € 6,443 thousand at 30 June 2010. Details are as follows:
€/000
31/03/2011
30/06/2010
Change
6
9,159
9,165
12
37,242
37,254
(6)
(28,083)
(28,089)
179
-
179
(39,967)
-
(39,967)
(4,873)
(2,568)
(2,305)
Current financial debts
(44,840)
(2,568)
(42,272)
Net current financial position
(35,496)
34,686
(70,182)
Non-current financial assets*
2,124
2,195
(71)
Financial payables and other non-current financial liabilities
(43,804)
(30,438)
(13,366)
Non-current financial indebtedness
(41,680)
(28,243)
(13,437)
NET FINANCIAL POSITION
(77,176)
6,443
(83,619)
Cash
Bank account/deposit
Cash and cash equivalents
Current financial assets
Bank account overdrafts
Financial debt and other current financial liabilities
* This item is included in the Net Financial Position as it refers to cash deposits in a current account pledged as collateral on the
Istituto per il Credito Sportivo loan recorded in non-current financial payables, and to the fair value of derivative instruments
that can be liquidated on demand.
30-05-2011
10:38
Pagina 23
Financial payables for a total of € 48,388 thousand refer to the financial lease transaction to cover the
investment in the Vinovo Training Centre and the portion already collected (€ 30,000 thousand) of the
Istituto per il Credito Sportivo loan for the new Stadium.
The Net Financial Position at 31 March 2011 does not therefore include any debt and/or credit position
towards related parties, apart from the positive balance of current bank accounts held with the Banca
del Piemonte S.p.A..
In view of the negative Net Financial Position of € 77,176 thousand, the Debt/Equity ratio at 31 March
2011 was 1.6 (this ratio at 30 June 2010 was not significant since the Net Financial Position was positive).
As regards seasonal effects and the impact of advance receipts on the Net Financial Position, note that
at 31 March 2011 contractual amounts relating to future financial years had already been received for
a total of € 67,911 thousand. These amounts are recorded in the items “Other non-current liabilities”
and “Other current liabilities”, to which reference should be made for further details.
At 31 March 2011, the Company had revocable lines of credit for € 209,500 thousand, of which
€ 60,200 thousand for guarantees issued in favour of third parties and € 39,967 for cash loans.
10. SHAREHOLDERS’ EQUITY
At 31 March 2011, the fully paid share capital of Juventus amounted to € 20,155,333.20 and is made
up of 201,553,332 ordinary shares of the nominal value of € 0.1 each.
Shareholders’ equity at 31 March 2011 was € 47,463 thousand, reporting a decrease compared to the
€ 90,304 thousand at 30 June 2010 due to a Net income/(loss) for the period (€ -43,411 thousand)
and other minor changes (€ +570 thousand), mainly relating to Cash flow hedge reserve movements.
11. PROVISIONS FOR RISKS AND NON-CURRENT CHARGES
These totalled € 300 thousand, against € 1,580 thousand at 30 June 2010, registering a decrease
mainly due to the effect of the remaining amount (€ 1,380 thousand) of the “Como Calcio Provision”
allocated in previous years for the dispute which was definitively settled on 22 February 2011 (for
further information, see the section on significant events in the third quarter 2010/2011) being released
to the income statement.
12. PAYABLES DUE TO SPECIFIC SECTOR COMPANIES RELATED TO THE TRANSFER CAMPAIGN
At 31 March 2011 payables due to specific sector companies related to the Transfer Campaign totalled
€ 63,935 thousand, up € 8,899 thousand compared to the balance at 30 June 2010 equal to € 55,036
thousand.
It should be noted that all payables to football clubs fall due within the next 5 financial years.
23
30-05-2011
10:38
Pagina 24
13. OTHER NON-CURRENT LIABILITIES
At 31 March 2011, this item amounted to € 47,097 thousand, compared to € 41,284 thousand at 30
June 2010.
The item includes € 9,863 thousand in amounts already collected of the contractual considerations
accruing to future financial years for the licensed use of Juventus Library images, € 32,250 thousand in
fees for the naming rights to the new Stadium (Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG.),
minor items amounting to € 677 thousand, deferred income from the Accendi una Stella commercial
initiative for € 1,138 thousand, payables to FIFA agents amounting to € 217 thousand, payables to the
Tax Authorities arising from the transaction with the Direzione Regionale delle Entrate accounting for
€ 2,932 thousand and miscellaneous items of € 20 thousand.
14. TRADE PAYABLES
June 2010. This item mainly includes payables to construction companies for work on the new Stadium
(€ 15,496 thousand) already invoiced or to invoice, which were paid after 31 March 2011 or will fall
due in coming months as established in agreements.
15. OTHER CURRENT LIABILITIES
June 2010.
These amounts refer to the sums already collected of the contractual amounts due in the future on a
number of active contracts relating to television rights (€ 6,730 thousand), naming rights of the new
Stadium (Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG.) for € 6,250 thousand, commercial
contracts (€ 9,841 thousand), season ticket sales (€ 1,160 thousand), tax payables (€ 8,425 thousand),
payables due to employees for wages and salaries and related expenses (€ 11,365 thousand), prepaid
income (€ 1,734 thousand), payables to FIFA Agents (€ 2,871 thousand) and total other minor payables
(€ 1,779 thousand).
NOTES ON THE INCOME STATEMENT FOR THE PERIOD FROM 1 JULY 2010 - 31 MARCH 2011
The Net income for the period 1 July 2010 - 31 March 2011 amounted to a loss of € 43,411 thousand,
against the positive result of € 14,719 thousand posted in the same period of the previous year. Net
income decreased by € 58,130 thousand mainly due to the effect of fewer revenues from UEFA
competitions (€ -19,547 thousand), lower revenue from the sale of media rights for the Championship,
reported following the entry into force of new regulations on the collective sale of radio and television
rights, as well as the calendar of matches (€ -14,786 thousand), lower revenue from matches (€ -5,575
thousand), higher operating costs (€ -18,702 thousand) and non-recurring charges arising from the
settlement agreement signed with the Direzione Regionale delle Entrate (€ -7,365 thousand), partly
offset by fewer taxes for the period (€ +9,592 thousand).
The main items of the income statement for the period from 1 July 2010 - 31 March 2011 are analysed below.
30-05-2011
10:38
Pagina 25
16. REVENUES
Revenues for the period from 1 July 2010 - 31 March 2011 were equal to € 141,144 thousand, down
21.7% compared to the figure of € 180,166 thousand at 31 March 2010. The main items and/or
changes are reported below.
Ticket sales
This item amounted to € 9,323 thousand compared to € 14,899 thousand in the same period of the
previous year.
This item reported a decrease of € 5,575 thousand due to the lower fees for friendly matches (€ -3,069
thousand), lower revenue from season tickets (€ -1,856 thousand), the lack of ticket sales revenue paid
by hosting teams in the away games as a result of elimination of the mutuality receivable, net of the
payable portions (€ -517 thousand), lower revenue arising from ticket sales for UEFA competitions
(€ -536 thousand), lower pre-sales fees (€ -196 thousand), smaller proceeds from additional match day
services (€ -128 thousand), net of greater revenues arising from ticket sales for home Championship
matches (€ +614 thousand) and Italian Cup matches (€ +113 thousand).
The following table compares the number of matches played in various competitions in the period from
01/07/10 - 31/03/11 and in the corresponding period of the previous year:
no. matches
01/07/2010 - 31/03/2011
Home
Away Total
01/07/2009 - 31/03/2010
Home
Away Total
Championship
Italian Cup
UEFA matches
15
2
5
15
5
30
2
10 *
16
1
5
15
1
5
31
2
10
Total
22
20
42
22
21
43
* Also includes preliminary rounds.
€/000
01/07/2010
31/03/2011
01/07/2009
31/03/2010*
Change
Revenues from media rights
Revenues from UEFA competitions
75,225
1,913
90,011
21,460
(14,786)
(19,547)
Total
77,138
111,471
(34,333)
* Figures for the period from 1 July 2009 - 31 March 2010 have been reclassified pursuant to the entry into force of new regulations on the
collective sale of radio and television rights and the resulting change in the entire (receivable and payable) mutuality system.
These fell by € 34,333 thousand due to lower revenue from UEFA competitions (€ -19,547 thousand)
and lower revenue from the sale of media rights for the Championship, reported following fewer home
matches played during the period, as well as the entry into force of new regulations on the collective
sale of radio and television rights (€ -14,786 thousand).
25
30-05-2011
10:38
Pagina 26
This item amounted to € 30,423 thousand, registering a decrease compared to € 32,941 thousand in
the same period of the previous year, mainly due to lower revenues from the jersey sponsorship contract.
Revenues from players’ registration rights amounted to € 17,250 thousand, versus € 14,061 thousand
in the same period of the previous year, and refer to the effects of transactions during the 2010/2011
Transfer Campaign.
Other revenues
previous year. The increase of € 215 thousands refers to revenue from the “Accendi una Stella” commercial
initiative (€ +1.160 thousand), net of lower insurance payouts collected in the period compared to the
same period of the previous year (€ -896 thousand) and other minor movements (€ -49 thousand).
17. OPERATING COSTS
Operating costs for the period from 1 July 2010 - 31 March 2011 were equal to € 147,625 thousand,
up 14.5% compared to the figure of € 128,923 thousand for the same period of the previous year.
The main items and/or changes are reported below.
External services
Costs for external services came to € 24,265 thousand, against € 20,273 thousand at 31 March 2010.
The item increased by € 3,992 thousand due to the increase in purchased advertising space (€ +1,664
thousand), directors’ fees (€ +888 thousand), audio and visual productions of home games (€ +771
thousand), competition travel and overnight expenses and miscellaneous services (€ +561 thousand),
rental and lease costs (€ +242 thousand) consulting fees (€ +154 thousand), net of fewer legal and
notary fees (€ -416 thousand), fewer insurance costs for players’ rights and wages (€ -263 thousand)
and other minor changes (€ +391 thousand).
Costs for players’ wages and technical staff amounted to € 97,536 thousand, against € 93,961 thousand
for the same period of the previous year, due to the higher compensation paid to players leaving
(€ +10,549 thousand), partly offset by the lower compensation related to new contracts stipulated with
players acquired during the 2010/2011 Transfer Campaign (€ -7,011 thousand) and other minor
changes (€ +37 thousand).
Other personnel
The cost of non-registered personnel rose mainly due to charges relating to settlements with personnel
leaving the club, recorded as other personnel expenses, and higher costs originating from the increase
in staff, especially in relation to the new Stadium investment.
30-05-2011
10:38
Pagina 27
Other players’ registration rights costs amounted to € 11,929 thousand, against € 2,786 thousand in
the same period last year.
The increase in players’ registration rights expenses is largely due to the quarter’s portion of the annual
cost for temporary acquisitions made during the 2010/2011 Transfer Campaign (€ +7,512 thousand),
higher auxiliary expenses (€ +1,133 thousand), higher capital gains from the sale of players (€ +384
thousand) and other minor changes (€ +114 thousand).
18. AMORTISATION, WRITE-DOWNS AND PROVISIONS
Amortisation and write-downs of players’ registration rights in the period from 1 July 2010 - 31 March
2011 totalled € 26,059 thousand, up € 840 thousand compared to the same period of the previous
year, due to investments/disinvestments made during the 2010/2011 Transfer Campaign.
Other amortisation, provisions and release of provisions
This item amounted to € 941 thousand, against € 1,170 thousand at 31 March 2010.
The decrease of € 229 thousand is due to release of the “Como Calcio” provision (€ +1,380 thousand),
net of higher allocations to the provision for bad debts (€ -934 thousand, mainly relative to the receivable
from DAHLIA TV) and to higher amortisation (€ -217 thousand).
19. OTHER NON-RECURRING REVENUES AND COSTS
Other non-recurring expenses amounted to € 7,365 thousand and refer to the impact of the settlement
agreement signed with the Direzione Regionale delle Entrate (Regional Revenue Department), following access by the Guardia di Finanza (Customs’ and Excise), which ended on 23 July 2009 and referring
to the years 2001/2002 to 2007/2008 (not including 2002/2003).
At 31 March 2010 the balance of the item was positive for € 3,134 thousand, since non-recurring
revenue was posted pursuant to the transfer to San Sisto S.r.l., a company belonging to the Nordiconad
group, of the branch of business related to the commercial areas adjacent to the new Stadium.
20. TAXES
The fiscal effect for the period was negative for € 1,584 thousand, against the negative balance of
€ 11,176 thousand recorded for the same period of the previous year, due to the recognition of € -2,550
thousand in current taxes and € +966 thousand in net deferred taxes.
27
30-05-2011
10:38
Pagina 28
NOTES ON THE INCOME STATEMENT FOR THE THIRD QUARTER OF 2010/2011 FINANCIAL YEAR
Net income for the third quarter of the 2010/2011 financial year amounted to a loss of € 3,916
thousand, against the positive result of € 503 thousand posted in the same period of the previous year.
Main items of the income statement for the third quarter of the 2010/2011 financial year are discussed below.
21. REVENUES
Revenues in the third quarter of the 2010/2011 financial year amounted to € 52,352 thousand, reporting
a decrease of 5.1% compared to € 55,174 thousand in the third quarter of the previous financial year.
The main items and/or changes are reported below.
Ticket sales
previous year.
This item reported a decrease of € 226 thousand due to lower revenue from season tickets (€ -409
thousand), lower revenue arising from ticket sales for UEFA competitions (€ -443 thousand), the lack of
ticket sales revenue paid by hosting teams in the away games as a result of elimination of the mutuality
receivable, net of the payable portions (€ -170 thousand), lower pre-sales fees (€ -86 thousand), smaller
proceeds from additional game day services (€ -26 thousand), net of greater revenues arising from ticket
sales for home Championship matches (€ +795 thousand) and Italian Cup matches (€ +113 thousand).
The following table compares the number of matches played in the various competitions in the third
quarter of the 2010/2011 financial year and in the same period of the previous year:
no. matches
3rd Quarter 2010/2011
Home
Away Total
3rd Quarter 2009/2010
Home
Away Total
Championship
Italian Cup
UEFA matches
7
2
-
6
-
13
2
-
7
1
2
7
1
2
14
2
4
Total
9
6
15
10
10
20
€/000
3rd Quarter
2010/2011
3rd Quarter
2009/2010*
Change
Revenues from media rights
Revenues from UEFA competitions
33,206
-
37,832
1,008
(4,626)
(1,008)
Total
33,206
38,840
(5,634)
* Figures for the period were reclassified pursuant to the entry into force of new regulations on the collective sale of radio and television rights and
the resulting change in the entire system of mutuality (receivable and payable).
30-05-2011
10:38
Pagina 29
This item fell by € 5,634 thousand due to the lower revenue from UEFA competitions (€ -1,008
thousand) and lower revenue from the sale of media rights for the Championship, reported following
the entry into force of new regulations on the collective sale of radio and television rights (€ -4,626
thousand).
previous year.
Revenues from players’ registration rights amounted to € 2,969 thousand, against € 504 thousand for
the same period of the 2009/2010 financial year, and refer to the effects of transactions during the second
phase of the 2010/2011 Transfer Campaign, and in particular termination of the player-sharing agreement
for Lorenzo Ariaudo in favour of Cagliari Calcio S.p.A..
22. OPERATING COSTS
Operating costs in the third quarter of the 2010/2011 financial year amounted to € 47,493 thousand,
up 9.9% compared to € 43,229 thousand in the same period of the previous year. The main items
and/or changes are reported below.
Other personnel
The cost of non-registered personnel rose mainly due to charges relating to settlements with personnel
leaving the club, recorded as other personnel expenses, and higher costs originating from the increase
in staff, especially in relation to the new Stadium investment.
Other expenses from players’ registration rights amounted to € 3,927 thousand, against € 590 thousand
in the same period last year. The increase in expenses from players’ registration rights is largely due to
the quarter’s portion of the annual cost for temporary acquisitions made during the 2010/2011 Transfer
Campaign (€ +3,207 thousand).
23. AMORTISATION, WRITE-DOWNS AND PROVISIONS
In the quarter in question, this item amounted to € 8,869 thousand, increasing with respect to € 8,484
thousand in the third quarter of 2009/2010, mainly due to investments/disinvestments made during the
2010/2011 Transfer Campaign.
Other amortisation, provisions and release of provisions
The positive balance of € 897 thousand, compared to the negative balance of the third quarter of the
2009/2010 financial year (€ 456 thousand), mainly refers to the “Como Calcio” provision, allocated in
previous years for the relative dispute, being released to the income statement.
29
30-05-2011
10:38
Pagina 30
24. TAXES
The tax effect for the period was negative for € 528 thousand, against the negative balance of € 2,024
thousand recorded for the same period a year earlier, due to the recognition of € -850 thousand in
current taxes and € +322 thousand in net deferred taxes.
30-05-2011
10:38
Pagina 31
Business outlook
The economic trend in the 2010/2011 financial year has been negatively influenced by the Club’s failure
to qualify for the UEFA Champions League, implying lower revenues from European competitions and
reduced commercial revenues, as well as the effects of the new rules on the centralised sale of television
rights coming into force.
Accordingly on the basis of the information currently available it is thus expected that the 2010/2011
financial year will close with a significant loss. The Company is confident it has the resources necessary
to tackle the negative trend of the current financial year.
It should also be noted that during the meeting the Board of Directors examined the guidelines of the
new mid-term plan that will be prepared and presented for approval on 23 June 2011.
APPROVAL OF THE INTERIM MANAGEMENT STATEMENTS AT 31 MARCH 2011 AND AUTHORISATION
FOR PUBLICATION
In its meeting of 11 May 2011, the Board of Directors approved the Interim Management Statements
at 31 March 2011, authorising publication on the same date.
Turin, 11 May 2011
On behalf of the Board of Directors
The Chairman
Andrea Agnelli
DECLARATION PURSUANT TO PARAGRAPH 2 OF ARTICLE 154 BIS OF THE CONSOLIDATED LAW
ON FINANCE (TUF)
Pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, I, Aldo Mazzia, the
Financial Reporting Officer, declare that the accounting information contained in these Interim
Management Statements at 31 March 2011 is consistent with accounting records.
Turin, 11 May 2011
Manager responsible
for preparing the financial reports
Aldo Mazzia
31
18-05-2011
9:48
Pagina 3
Information for shareholders, investors and the press:
Relations with Institutional Investors and Financial Analysts
telephone +39 011 65 63 456
fax +39 011 56 31 177
[email protected]
Press Office
telephone +39 011 65 63 448
fax +39 011 44 07 461
[email protected]
Juventus Football Club S.p.A.
C.so Galileo Ferraris, 32 - 10128 Turin
www.juventus.com
Photography
LaPresse
Printed by
G. Canale & C. S.p.A.
18-05-2011
9:48
Pagina 1
INTERIM MANAGEMENT STATEMENTS AT 31 MARCH 11
Juventus Football Club
Corso Galileo Ferraris, 32 - 10128 Turin ITALY
www.juventus.com

Interim management statement at 31 march 2011

Transcription

Similar documents

Head Automatica K HORSE

front - iHerb.com

It was 60 years ago that Naturwood Home Furnishings opened for

Thousand Islands Secondary School

Casa de Fruta Celebrating 100 Years

IX. Urban sprawl containment and land reserves

Layzie, Krayzie, Bizzy

media sheets sized - TrailBlazer Magazine

Pillar III - Basel II

1.Bereg-Karpaty Presentation